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EUR/USD extends gains to 1.2640

FXStreet (San Francisco) - The EUR/USD bounced off intraday lows at 1.2550 to reach daily highs around 1.2640 influenced by the fine print of US GDP data. At this level the pair found selling interest that sent it back to 1.2610.

Currently, EUR/USD is trading at 1.2629, down 0.04% on the day, having posted a daily high at 1.26440 and low at 1.2547. EUR/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

EUR/USD sentiment

According to Valeria Bednarik from FXStreet, the movement from 1.2550 to 1.2625 "was for the most corrective as the critical price zone held, probably triggered by some profit taking."

With a successful break above 1.2640, he pair will have free way to 1.2660 before 1.2685. To the downside, a "renewed selling interest that pushes price below 1.2550," Bednarik says, "should lead to a test of the year low at 1.2501."

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